Jump to content

The Budget..


Mick Mac

Recommended Posts

Yeah it?s great. From what I can make out I?ll be paying more tax and have an extra chunk to pay if I ever can afford the luxury of giving my family a home to live in whereas people earning 3 time more than me have to contribute less.


Fucking winner.

Link to comment
Share on other sites

No mansion tax yet but they're introducing a 15% stamp duty on homes over ?2m purchased by "non-natural persons." I assume this is to try and stop people avoiding stamp duty altogther by buying something in a company name.


Once this is implemented, they're going to "consult" on introducing the mansion tax on properties valued at over ?2m owned by these people, with the intention of legislating in Finance Bill 2013 for commencement in April 2013.


Sounds like they are laying the groundwork for a mansion tax "proper."

Link to comment
Share on other sites

How the hell do you work that out Brendan? Unless you have a 200 a day smoking habit.


Lots in the budget I like. The continued move towards a ?10K person limit is very good. The remove of stamp duty breaks for companies is very good as well. Change in corporate tax is a positive move too. The child benefit changes to remove the cliff edge was needed.


Whilst the move from 50% to 45% is, on paper, financially valid, it was a bit politically naive. It was noticeable that it was the only part of the budget that Miliband picked up on and will probably be in most headlines. I'd have left it for next year as it's taken the shine away from the lower end changes.

Link to comment
Share on other sites

Chippy Minton Wrote:

-------------------------------------------------------

> Once this is implemented, they're going to "consult" on introducing the mansion tax on

> properties valued at over ?2m owned by these people, with the intention of legislating in

> Finance Bill 2013 for commencement in April 2013.

>

> Sounds like they are laying the groundwork for a mansion tax "proper."


Sounds like they are pushing it to the back burner, probably permanently. Did you never watch Yes Minister?

Link to comment
Share on other sites

Whilst the move from 50% to 45% is, on paper, financially valid, it was a bit politically naive. It was noticeable that it was the only part of the budget that Miliband picked up on and will probably be in most headlines. I'd have left it for next year as it's taken the shine away from the lower end changes.


I agree the need for the reduction (and no, I am not in that tax bracket). However, I'm not sure it is politically naive - yes lots of, predictable, noise and bluster from Labour on the move but by next year's Budget it'll be history and by the time of the next Election will be long done history. Had he delayed the reduction to next year it could have still been used by Labour as a stick to beat the Coalition with come the election.

Link to comment
Share on other sites

I laughed when Milliband was doing his "Just nod if you're going to benefit from [the 45% tax change], or shake your head if you're not. Come on, we've got plenty of time." bit. Mad Hattie was sitting behind him nodding her head furiously. I don't think anyone briefed her on the joke.
Link to comment
Share on other sites

Seemed to make a reasonable fist of balancing priorities to me. Haven't seen the detail. Hopefully they'll have taken the opportunity to clean up the stupid cock up in the transitional arrangements where the personal allowance is phased out so that those with income in the threshold area pay a marginal rate of income tax that is higher than those earning far more.
Link to comment
Share on other sites

The tax was initially boiught in as a temporary measure to raise an extra ?3bn according to the government it has failed to do this.

The government claims it isn't raising any significant revenue and has driven some very high earners away or to evasion, these are significant tax generators (45% tax on annual earnings of ?1million + adds up to an awful lot more than 50% on someone earning say ?200,000)

The 50% rate is the highest in the top 20 economies - it says in an internationally competitive market AND MORE CRUCIALLY to business looking to invest in the UK (whose execs maake the decisions and will fall intoi the hiigher tax bracket). It says, the UK is a high tax environment. Nice message when we need as much foreighn investment as possible.

It needs to go, unfortunately in small picture terms that means that the highest earners in the UK do get a significant tax cut which in current circumstances looks grossly unfair, and of course the left will go on and on about this but it was an ill thought out, politically motivated, impractical and long term damaging tax in the first place. The rise in tax on high value properties and 'company' sales of domestic properties makes much more sense and will bring in more revenue.

Link to comment
Share on other sites

Obviously seeing the very rich get a tax cut is q bitter pill to swallow, but in the long run, it seems the way to go.


The pensioner's personal allowance is the thing that I think is bad, as it's making those who worked and saved for years, pay back the debts that younger people have run up.


Other than that, it all seems okay to my (admittedly not very economics based mind).

Link to comment
Share on other sites

Papers largely read by older peple sticking up for a significant section of the readership shocker.


If you are on a minimum state pension solely you won't be affected, it's just freezing tax allowance from earnings above ?10k back down so it's nearer to everyone's personal allowance - given that pensioners get winter fuel allowance and free travel then this is hardly mugging old grannies relying on the state pension it's just freezing personal allowance for those pensioners who earn above it. Predictable haedlines though - another emotive load of cack given that increasingly people retiring at the moment and over recent years (from both Private and Public sector jobs) have very generous final salary, index linked pensions, something future generations will only be able to dream of



The other moan to expect in the longer term is the fact that this budget will make the bottom 10% poorer (in relative terms) as the raise in personal allowances will incraese the earnings of anyone in work. If you are going to reward work for the poorest workers, you're going to create a gap between them and those on benefits. That'll be hitting the Guardian front page when the lefty think tanks start doing their sums.

Link to comment
Share on other sites

Jeremy Wrote:

-------------------------------------------------------

> Brendan, you planning on buying a ?2m house then?

> Flash git!


This was an initial misunderstanding of the figures on my part.


I blame Nick Robinson.


Either that or I?m a multimillionaire chain smoker.

Link to comment
Share on other sites

According to the Newspaper Marketing Agency 35 million people read a national newspaper every week.


The demographics of The Sun, Guardian and Independent show over half of their readership are below the age of 45. The Mirror and the Times show that over 40% of their readership are below 45. This doesn't even include online readership figures which I would suspect have a younger readership.


All the papers focus on the pensioners tax allowance, representing both sides of the political arguments.

Link to comment
Share on other sites

As with all political shit there are a number of ?truths? being spouted by that we are supposed to just swallow without any independent supporting information.


The one that seems most prevalent here is, ?The 50p tax rate hasn?t/doesn?t raise any significant income.?


What are the figures on this and what amount of the shortfall (if any) from scrapping this tax is going to be paid by other people?


Anyway people in the city are celebrating I'm sure. That must be nice for them.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • More interested in the future than the past. 
    • The plans The developer Berkeley Homes have submitted a planning application to redevelop the Aylesham Centre close to the junction of Peckham High Street and Rye Lane, containing Morrison’s supermarket, car park, & petrol station, Aylesham shopping arcade and most of that side of Rye Lane between Hanover Park and Peckham High Street. The application is for a mixed housing, retail, leisure and commercial development, in buildings ranging from 5 to 20 storeys. Impact Local people who have studied the detailed plans think that the development would dominate the historic town centre which has evolved since the 18th century, and would ruin the Conservation Area which was awarded in 2011 'to preserve and enhance its character and appearance'. More than 65% of the homes to be built in this unimaginative over-bearing development will be unaffordable by most people who live in Southwark, and provide inadequate open and green space for this part of Peckham. Need for discussion This is such an important issue for south London that it needs wide discussion before the Council Planning Committee takes its decision (not before next Spring). A free on-line talk and discussion to clarify the heritage issues we all need to think about is being held on Monday 11th November 7-8.30pm. All will be welcome. Please register on this link: https://Defend-Peckhams-Heritage-2024.eventbrite.co.uk There are several other key issues raised by the plans which are being examined in the Aylesham Community Action (ACA) campaign. You can find the link to all that and other useful information here: www.linktr.ee/acapeckham The zoom session is being arranged by Peckham Heritage the local group that has grown from the community work alongside the restoration of nine historic buildings in Peckham High Street through the Townscape Heritage Initiative. We hope that EDF members who value local heritage will be able to attend the session to hear and take part in the discussion, and report back to this topic so the discussion can continue.
    • I did see a few Victoria bound 185's on East Dulwich road around 5pm this evening. Coming from the Rye end and heading toward Goose green
    • I cant quite pinpoint where she is exactly. But currently notice I am not hearing her this evening!! She has a microphone? 
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...